Ironworks Apartments

Ironworks Apartments

Memphis, TN
Under Contract
  • Property Type: Apartments
  • Year Built : 1966/2021
  • Property Size: 64,600 SF / 88 Units

Overview

Capstone Apartment Partners is pleased to present Ironworks Apartments, a unique opportunity to acquire an exceptionally repositioned, 88-unit apartment community in Memphis, Tennessee. Originally constructed in 1966, the current owner has invested over $2.9 million in exterior capital expenditures and interior renovations encompassing 61 units and is currently in the process of renovating 16 additional units slated to be completed prior to closing. Superbly located within Memphis’ highly coveted Medical District, Ironworks is situated within walking distance to nearly 30,000 well-paying jobs across the six major medical institutions located in the district. Healthcare expansion in the Medical District and the urban-core renewal has fueled the rapid growth of Midtown, attracting a young, professional tenant base locating for proximity to the retailers and entertainment both Midtown and Downtown offer. Ironworks is well-positioned to capitalize on this explosive rent growth in the Midtown submarket, which has increased over 40% in the past six years. With an excellent location, positive renter demographics in the submarket, and a value-add program to complete, Ironworks presents investors an excellent asset with upside and bottom-line growth for years to come.

Investment Highlights

  • Extensive Capital Investment Completed
  • Proven In-Place Value-Add Program
  • Primely Located in Memphis’ Medical District
  • Memphis’ Most Sought After Submarket

Contact Information

Luke Searcy Investment Sales Advisor P: 731.592.9573
O: 800.746.3175 ext. 724
luke@capstone-companies.com
Tyler Mayo Senior Advisor P: 662.386.1622
O: 800.746.3175 ext. 729
tyler@capstone-companies.com
Jordan Arand Investment Sales Advisor P: 815.291.9250
O: 800.746.3175 ext. 747
jarand@capstone-companies.com
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